69BDesignated employees

69B Designated employees

S. 69B(1) amended by No. 46/1998

(1) If an officer's employment is terminated under section 33 of the Public Sector Management and Employment Act 1998, the officer is entitled to a benefit calculated in accordance with—

(a) section 61A(1) if the officer is a revised scheme member; or

(b) section 61A(2) if the officer is a new scheme member.

(2) The benefit is payable in accordance with section 61A(3) unless the officer makes an election under subsection (3).

(3) The officer may elect to receive—

S. 69B(3)(a) amended by No. 4/1996
s. 110(4).

(a) a cash benefit equal to a refund of the contributions paid by him or her during the period he or she was a revised scheme member or a new scheme member (whichever is his or her current membership) and interest at the rate which is the prescribed rate under section 46(1) or 58(1) as appropriate; and

(b) a deferred retirement benefit reduced by such amount as is determined by the Minister on the advice of an actuary.

S. 69B(4) amended by No. 95/2000 s. 6(10).

(4) A deferred retirement benefit under subsection (3)(b) is payable in accordance with section 61A(3), 61A(4) or 61A(5).

(5) If an officer making an election under subsection (3) is a new scheme member who had transferred from the revised scheme under section 61(1), the officer is deemed to have resigned for the purposes of section 61(2A).